Opening Day is a month away. Who knows what the San Diego Padres might still accomplish before they take the field at Petco Park against the Detroit Tigers and Tarik Skubal? In the past few weeks, the Padres have taken notable steps toward a potential sale, extended their general manager and completed a flurry of low-cost acquisitions. Let’s get right to your questions, which have been lightly edited for clarity.
Any news on potential new owners or buyers? Who is the frontrunner? — Brian D.
Three potential buyers — José E. Feliciano, Dan Friedkin and Joe Lacob — have been reported. Padres chairman John Seidler said recently that other suitors have not yet been reported. Determining who has serious interest isn’t easy. To gain access to the franchise’s confidential financial information, a prospective owner (or ownership group) is required to sign a non-disclosure agreement.
The Athletic reported earlier this month that bidding would begin near the end of this month. I would expect at least two rounds of bids. For whatever it’s worth, when the Boston Celtics were auctioned off last year, about eight weeks elapsed between initial offers and the revelation of the winning bid by private equity investor Bill Chisholm. BDT and MSD Partners, which the Padres retained to oversee their sale process, was one of the banks the Celtics hired ahead of their own sale. Friedkin was one of the final bidders before Chisholm purchased the Celtics for a record-setting $6.1 billion.
Speaking of records, there has been growing expectation around the industry that the Padres will end up fetching more than the $2.42 billion Steve Cohen paid for the New York Mets in 2020. The upcoming expiration of MLB’s collective bargaining agreement and a widely anticipated lockout are sources of significant uncertainty, but the Padres’ franchise value has potentially tripled since 2012, and San Diego presents an attractive buy-and-hold opportunity.
How many years is A.J. Preller’s contract, and is it strange that they’re being secretive about its term? — Jed W.
The Padres merely announced it as a multiyear extension, which means Preller is under contract through at least the 2028 season. At Preller’s request, they have not revealed the exact length of the deal.
For other franchises, that wouldn’t be an unusual decision, but this is the same team that announced in 2021 that Preller and CEO Erik Greupner had each been extended through the 2026 season. Preller’s biggest supporter, Peter Seidler, was running things back then, and you might have noticed that the Padres have operated a bit differently since Seidler’s death.
It seems possible that Preller’s latest contract is not as long as the deal Greupner received in 2024, when the CEO was extended through at least the 2029 season. That could be one reason the Padres are keeping the details private.
Do you think the hold-up with Preller’s deal was because there are so many job openings on the horizon? Or was it the actual negotiating process? If Greupner got shares of the team, A.J. had to get some, too, right? (Do executives have agents?) — Justin R.
Preller and John Seidler attributed the delay to conflicting schedules and other factors, but people with knowledge of the negotiations said a decent gap existed for months. It makes sense. Preller keeps himself as busy as any GM, but if there hadn’t been a decent gap, he and Seidler likely could have worked out an agreement in October or November.
Perhaps, with a potential sale looming, Preller ended up settling for fewer years than he originally sought. It’s believed he still received a sizable raise over his previous salary. Average GM compensation has risen around the game, and coming off consecutive 90-win seasons, Preller is MLB’s second-longest-tenured lead baseball executive, behind the New York Yankees’ Brian Cashman.
As far as equity goes, Greupner acquired it well before his 2024 extension; he previously had some interest from at least one other team in another major professional sports league. It would be quite the surprise if Preller quietly became a minority owner, too. (And although executives can employ agents, I don’t believe Preller has one.)
How do the Padres’ bean-counters think about the Yu Darvish money — $16 million this year, then $15 million in each of the following two years — that should be freed up soon? Is that “found money” that can be spent on this year’s roster? If so, any ideas on how Preller might spend it? Lucas Giolito? Zack Littell? A trade that involves taking on more salary? — Godfrey J.
Few things can be ruled out under Preller. And the longer the likes of Giolito and Littell remain unsigned, the more their price tags drop. However, the Padres have indicated and acted as if they are just about out of money ahead of Opening Day. Even if they recoup a majority of Darvish’s remaining salary, the Padres likely have spent some or all of that expected windfall. (Preller and Darvish began discussing the idea of voiding the pitcher’s contract months ago.)
Barring a significant injury, I wouldn’t expect another Nick Pivetta-type signing during spring training. A trade seems more likely. The Padres can dangle a prospect such as Kruz Schoolcraft, as well as a theoretical surplus in their big-league bullpen. Still, unless Preller moves a contract or two, the odds of a high-salary addition are low. Plus, the Padres would like to retain some flexibility for potential trade-deadline reinforcements.
Is there enough of a rotation assembled to keep the team competitive through midseason? I say midseason because we all know Preller will trade away this year’s first two draft picks to get a rental starter. — Erik R.
We will find out. There are obvious questions about the health of Joe Musgrove and Michael King; the sustainability of Pivetta’s and Randy Vásquez’s 2025 performances; and the viability of the various low-cost signees in camp. Still, every team faces questions, and the Padres feel good about their track record under pitching coach Ruben Niebla.
That said, it does feel like they are due for a trade involving starting pitching by early August. (Speaking of trades, teams can’t deal any of their upcoming July draftees until after the World Series.)
Why is Randy Vásquez so underrated? I don’t want to hear about his adjusted ERA and all that other nonsense. As a Padres fan, I felt better with him on the mound than Dylan Cease fumbling his way around, overthinking and finding a way to lose. — Hollywood T.
Expectations have a lot to do with it. Cease has frontline stuff and, at least in recent odd-numbered years, disappointing results. Vásquez, who has decent stuff but low swing-and-miss rates, outperformed those pesky underlying numbers in each of his three big-league seasons.
It does feel like expectations for Vásquez can be raised. The right-hander recently acknowledged that he “came in a little bit fatter” last spring. Now, he appears to be in good shape, and the increased velocity he showed near the end of 2025 has carried over. Given the questions about their rotation, the Padres could use a breakout season.
Based on what you’ve seen so far, are you comfortable with Freddy Fermin and Luis Campusano behind the plate? — James F.
Based on the observations of scouts and other, more knowledgeable baseball watchers, I’d still feel anxious about the Padres’ depth at the position. Fermin has never been a primary catcher over a full season. Campusano never came close to gaining the trust of the team’s previous two managers.
Considering the Padres’ lack of payroll flexibility, however, I’d feel relatively OK with the team opening the season with this duo. Fermin continues to get positive reviews for his work with the pitching staff. Campusano, who’s out of minor-league options, has never gotten an extended opportunity at the big-league level. It’s time he did.